Centralized exchanges have recorded the highest net inflow of SOL tokens since March, prompting concerns over the token’s bullish technical outlook, according to Coinglass.
Last week, exchanges saw a substantial net inflow of $227.21 million in SOL, the cryptocurrency fueling Solana’s blockchain. This marks the largest influx since March, when exchanges saw over $300 million worth of SOL flow in. At that time, SOL’s price surged to near $200, leading to a seven-month period where the token traded in a range between $120 and $200.
Such large movements of tokens to exchanges typically indicate that holders might be preparing to sell or use their assets in derivatives or DeFi activities.
This recent influx of SOL casts doubt on the previously optimistic technical outlook, which had suggested that prices could revisit the November high of over $260. The token had recently shown strong support in a bullish “throwback” pattern, but this latest development introduces some uncertainty.
Furthermore, data from Amberdata highlights a lack of bullish sentiment in the SOL options market on Deribit. Traders have largely been net sellers of call options, signaling a reduction in demand for upward price movement in SOL.
